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IperionX Limited

IPX

IperionX Limited • NASDAQ
$33.80 ▲ 4.42% (+1.43)
Market Cap $1.11 B
52w High $60.90
52w Low $12.28
Dividend Yield 0%
P/E -36.34
Volume 71.57K
Outstanding Shares 32.94M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q4-2025 $0 $39.251M ▲ $-35.332M ▼ 0% $-0.004 ▲ $-37.767M ▼
Q2-2025 $0 $20.542K ▲ $-16.236K ▼ 0% $-1.2 ▼ $-20.162K ▼
Q4-2024 $0 $6.248K ▲ $-5.674K ▼ 0% $0 $-6.217K ▼
Q2-2024 $0 $5.06K ▲ $-5.247K ▼ 0% $0 ▲ $-5.015K ▼
Q4-2023 $0 $4.47K $-4.345K 0% $-0 $-4.483K

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q4-2025 $54.814M ▼ $105.034M ▼ $12.59M ▲ $92.444M ▼
Q2-2025 $77.126M ▲ $115.83M ▲ $10.288M ▲ $105.542M ▲
Q4-2024 $33.157M ▲ $55.436M ▲ $4.096M ▲ $51.34M ▲
Q2-2024 $17.33M ▲ $34.043M ▲ $3.868M ▲ $30.176M ▲
Q2-2023 $11.439M $17.997M $2.621M $15.376M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q4-2025 $-35.332M ▼ $1.61M ▲ $-2.412M ▲ $-67.897M ▼ $21.657M ▼ $-39.389M ▼
Q2-2025 $-16.236K ▼ $-23.407M ▼ $-21.865M ▼ $135.888M ▲ $43.969M ▲ $-16.232K ▲
Q4-2024 $-5.674K ▼ $-5.316K ▲ $-841 ▲ $-33K ▼ $-17.329K ▲ $-1.078M ▲
Q2-2024 $-5.248K ▼ $-3.764M ▼ $-2.979M ▼ $109K ▲ $-6.807M ▼ $-4.763M ▼
Q4-2023 $-4.345K $-4.137K $-1.946M $58K $-6.18M $-385.137K

Five-Year Company Overview

Income Statement

Income Statement IperionX is still a pre‑revenue, development‑stage company. It has not yet generated meaningful sales and has consistently reported operating and net losses for several years. Those losses have been gradually increasing as the company ramps up its activities. In simple terms, this is a business that is spending ahead of revenue to build out its technology, production base, and commercial relationships. Profitability is not yet in sight and will depend on successfully moving from pilot and early projects into full commercial production.

Balance Sheet

Balance Sheet The balance sheet is small but has been steadily growing as the company raises capital and invests in its assets. Cash has been increasing from very low levels, and there is no financial debt reported, which reduces interest burden but also means the company relies mainly on equity funding. Shareholders’ equity has been building up, reflecting capital raised to fund development. Overall, the balance sheet shows a young, asset‑light industrial business that still has limited financial resources and will likely need continued funding as it scales.

Cash Flow

Cash Flow Cash flows are negative, both from day‑to‑day operations and after investment spending. Operating cash outflows reflect ongoing costs for staff, technology development, and early-stage commercial work without offsetting revenues. Free cash flow is more negative as the company puts money into equipment and facilities. Capital expenditure has started to pick up, which is consistent with moving from lab and pilot work toward more meaningful production capacity. The pattern is typical of an early industrial technology company but underscores reliance on external capital to bridge the gap to commercialization.

Competitive Edge

Competitive Edge The company is trying to carve out a strong position in the titanium industry by combining proprietary process technology, control over key U.S. mineral resources, and a focus on a domestic, low‑carbon supply chain. Its patented HAMR and HSPT processes, ability to use 100% scrap titanium, and the Titan Project resource in Tennessee together create a differentiated offering versus traditional titanium producers. Government funding and alignment with U.S. strategic interests add further support. However, the moat is still being built in practice, and the main competitive risk is execution: scaling these advantages into reliable, large‑scale, cost‑effective production before incumbents or new entrants respond.

Innovation and R&D

Innovation and R&D Innovation is at the core of IperionX’s story. The company is advancing novel titanium production methods designed to cut costs, reduce energy use, and make better use of scrap, while also building integrated capabilities from powders to finished components, including 3D‑printed parts. It is actively investing in scaling its Virginia manufacturing campus and in the longer‑term development of the Titan Project. Future value will depend on how well it can improve its processes, prove repeatable quality at scale, and open up new applications in aerospace, defense, automotive, and consumer products. This is a high‑R&D, high‑uncertainty path with potentially meaningful upside if the technology and scaling plans work as intended.

Summary

IperionX is an early‑stage, pre‑revenue industrial materials company aiming to disrupt the titanium supply chain with more sustainable, lower‑cost, U.S.‑based technologies. Financially, it is still in the investment phase: recurring losses, negative cash flows, and a small but growing asset base funded mainly by equity and free of financial debt. Strategically, the company’s appeal rests on its patented processes, closed‑loop scrap utilization, control of a major U.S. titanium and rare earth resource, and visible government backing. The main opportunities lie in successfully commercializing these technologies at scale and winning share in high‑value markets; the main risks center on execution, timing, capital needs, and demonstrating consistent, profitable production in a competitive and technically demanding industry.

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